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Affordable Housing

In recent years the shortage of housing, particularly affordable housing, in London has been widely debated and is one of the most important issues facing those responsible for planning the city’s future (such as the Lord Mayor). The supply of new housing has averaged around 20,000 units per annum over the last 20 years. However, it has been estimated that over 30,000 new homes are required annually in London, half of which need to be affordable to London’s residents and essential staff.
The quantity, quality and cost of housing are of crucial importance to the social and economic wellbeing of London and Londoners.
Many of London’s employers (who must also contend with the world’s highest office costs) experience recruitment problems mainly due to the cost and scarcity of housing. High housing costs force Londoners to live far away from their work, friends and family, and they spend more time travelling than people in other areas. The problem is most acute at the lower end of the market, making it even harder for first-time buyers to get a foot on the property ladder. London’s housing crisis affects not just low-income workers but mid-range earners engaged in occupations that are vital to the smooth functioning of the city. These essential workers include teachers, NHS staff, fire-fighters, police, prison wardens, probation officers, council officers and social workers, all of whom find their salaries insufficient to cover the cost of buying a home in London.
There are a number of schemes to help first-time buyers and key workers get on the housing ladder in London. For information visit www.london.gov.uk/mayor/housing/index.jsp or contact your local borough council.

Copyright © Survival Books Limited 2006

“Buying or Renting a Home in London” 1st Edition, David Hampshire and Sue Harris.
Reproduced with the permission of Survival Books Limited.

Further information on this topic can be found in “Buying or Renting a Home in London” 1st edition, by David Hampshire and Sue Harris.

For extensive, annually updated information about buying or renting a property in London, you can purchase this book at www.survivalbooks.net


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